LizF
11-18-2007, 10:17 PM
AP
Brazil Ponders OPEC Membership on Find
Friday November 16, 8:25 am ET
Brazilian Ambassador Says Nation Will Consider OPEC Membership After Atlantic Oil Find
RIYADH, Saudi Arabia (AP) -- Brazil would consider joining OPEC based on the size of the newly discovered Tupi oil field off its eastern shores, the country's ambassador to Saudi Arabia said Friday.
Isnard Penha Brasil said he was attending the Organization of Petroleum Exporting Countries summit to talk with OPEC officials and that "a membership decision will come after we know what our export capacity will be and we think this will be good."
Last week, Brazil confirmed a monster offshore oil discovery and promising fields near the find, although full-scale extraction is unlikely until 2013 and will be very expensive because it is so far below the surface of the earth.
State-run Petroleo Brasileiro SA, or Petrobras, said reserves at Tupi field could be up to 8 billion barrels of oil equivalent, and initial production should exceed 100,000 barrels daily, though experts believe that will grow.
Petroleo Brasileiro SA will start pilot pumping in 2010 or 2011 but it will take several more years for full production to get under way.
The ambassador said Brazil will have a clearer idea about Tupi's export viability within the year.
Brazil doesn't export any crude oil today, making it essential that Tupi yield huge commercial amounts of crude if South America's biggest economy is to join OPEC.
OPEC member Saudi Arabia, the world's largest oil exporter, produces nearly 10.4 million barrels of oil per day. Iraq, another member and 14th on the list, produces just over 2 million barrels per day.
Brazil imports easier and less costly to refine light crude in order to turn it into gasoline products. A lot of the oil Brazil produces is a heavier, high-sulfur crude more suitable as lubricant rather than transport fuel.
Leaders of OPEC are to meet in the Saudi Arabian capital Riyadh Saturday and Sunday to discuss the challenges a potential global recession, an anemic dollar, and rising environmental concerns present to their near-$1.8 billion a day in revenue.
Link:
http://biz.yahoo.com/ap/071116/opec_brazil.html?.v=1&printer=1
Brazil Ponders OPEC Membership on Find
Friday November 16, 8:25 am ET
Brazilian Ambassador Says Nation Will Consider OPEC Membership After Atlantic Oil Find
RIYADH, Saudi Arabia (AP) -- Brazil would consider joining OPEC based on the size of the newly discovered Tupi oil field off its eastern shores, the country's ambassador to Saudi Arabia said Friday.
Isnard Penha Brasil said he was attending the Organization of Petroleum Exporting Countries summit to talk with OPEC officials and that "a membership decision will come after we know what our export capacity will be and we think this will be good."
Last week, Brazil confirmed a monster offshore oil discovery and promising fields near the find, although full-scale extraction is unlikely until 2013 and will be very expensive because it is so far below the surface of the earth.
State-run Petroleo Brasileiro SA, or Petrobras, said reserves at Tupi field could be up to 8 billion barrels of oil equivalent, and initial production should exceed 100,000 barrels daily, though experts believe that will grow.
Petroleo Brasileiro SA will start pilot pumping in 2010 or 2011 but it will take several more years for full production to get under way.
The ambassador said Brazil will have a clearer idea about Tupi's export viability within the year.
Brazil doesn't export any crude oil today, making it essential that Tupi yield huge commercial amounts of crude if South America's biggest economy is to join OPEC.
OPEC member Saudi Arabia, the world's largest oil exporter, produces nearly 10.4 million barrels of oil per day. Iraq, another member and 14th on the list, produces just over 2 million barrels per day.
Brazil imports easier and less costly to refine light crude in order to turn it into gasoline products. A lot of the oil Brazil produces is a heavier, high-sulfur crude more suitable as lubricant rather than transport fuel.
Leaders of OPEC are to meet in the Saudi Arabian capital Riyadh Saturday and Sunday to discuss the challenges a potential global recession, an anemic dollar, and rising environmental concerns present to their near-$1.8 billion a day in revenue.
Link:
http://biz.yahoo.com/ap/071116/opec_brazil.html?.v=1&printer=1